Obama tax plan cut-off closer to $300,000

(Huffington Post) President Barack Obama touts his tax plan as raising taxes on households making more than $250,000. As it turns out, that threshold is more like $300,000.

Obama has repeatedly said that families making more than $250,000 per year would face higher income tax rates under his deficit reduction plan, while families making less than $250,000 per year would not. The reality: That threshold is more like $305,000 per year, The New York Times’ Catherine Rampell and Binyamin Appelbaum report.